Building an investment property isn’t quite the same as building a property that is going to be your family home. Instead of only thinking about what you want from your new build, you need to consider what your future tenant will want (without knowing who they are!).
There are many options that can fit a variety of budgets and property investment goals, whether it be a townhouse, single storey or double storey home. Thoughtful decision-making in the beginning will ensure that your investment property satisfies future tenants and grows in value over time.
Think of your future tenant
Generally speaking, you won’t know who will rent your investment property until it is already built. What you can do is approach the build of your investment property by getting equipped with the facts.
The type of home you build will likely depend on the location in which your investment property will be built, so it is essential to find out what people are looking for in that area. What kind of properties are in demand? Is there a shortage of four-bedroom homes? Use this sort of information to make informed decisions.
Keep it simple
While it may be tempting to do something wild to stand out, broad appeal is essential for a successful investment property, so neutral tones work best. Including easy-to-maintain materials will ensure the longevity of the property and contribute to a positive resale result down the track.
Simple doesn’t mean poor quality or taking shortcuts. High-quality fittings and fixtures convey a sense of luxury and ensure that your investment property is finished in a way that stand the test of time.
With both design and construction in mind, quality goes a long way and doesn’t need to break the bank. Not only will potential tenants love your focus on quality, it will make a huge difference to resale value in the future.
The right investment property… for you
Remember, there’s no such thing as the right investment property — only the right investment property for you. Take the advice of family and friends and of course, consult with professionals. Ensure you make decisions based on your property investing strategy and what you can afford.
Get in touch and let’s chat about your property investing goals and how we can add to your portfolio.
The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Fairhaven Homes recommends that you consider whether it is appropriate for your circumstances and that you seek independent legal, financial, and taxation advice before acting on any information in this article.